Marijuana has been in the decriminalization process since 1973 with many states over the years passing laws to either authorize the use of marijuana or prohibit it. It is time to stop treating marijuana like a deadly drug, when science and public opinion agree that it is relatively safe for adult recreational and medical use. With recreational and medical marijuana on the verge of nationwide legalization, marijuana growers and dispensaries are popping up everywhere.
Cannabis Industrial Marketplace is your equipment & supply information hub, aiding you with knowledge about growing and cultivation equipment, dispensary supplies and everything in between. Equipping you with up to date news about upcoming elections, tips on marketing, and specific state laws. Legal Standing of Cannabis for Colorado
It’s a pretty extraordinary milestone, and an indicator of just how financially strong the legal marijuana market has become.
In a little more than five years since becoming the first state to legalize recreational cannabis, Colorado says it’s gone past the $1 billion mark in marijuana tax revenue.
According to the Colorado Department of Revenue (CDOR), the state has brought in just over $1.02 billion from marijuana taxes, licensing and fees since legal sales began on January 1, 2014. And to date, cannabis sales in the Centennial State have exceeded $6.56 billion.
Those numbers just keep rising. Colorado dispensaries reportedly sold more than $114.3 million in adult-use cannabis products this past March, a new monthly record.
Vicente Sederberg, a Denver-based firm that specializes in cannabis law and policy, notes that the income generated by the state “does not include hundreds of millions of dollars in additional cannabis-related taxes and fees collected by local governments.”
And there are also the jobs and companies created by the state’s historic cannabis sector. CDOR says Colorado has currently has 2,917 licensed marijuana businesses and 41,076 individuals who are licensed to work in the industry. Leafly’s latest annual cannabis jobs count, published earlier this year, found that legal cannabis directly supported 31,486 full-time jobs in the state.